Lowe's and State Farm recently announced a new partnership intended to educate consumers and reduce insurance losses with Iris, a do-it-yourself home management system that is said to help consumers maintain the safety and security of their homes.

Iris, a cloud-based platform from Lowe's, can help reduce losses by allowing users to remotely monitor and control home devices, including smoke alarms and water sensors, from anywhere using a smart phone, PC or tablet. Using Iris, consumers can be notified of a water leak or smoke danger, allowing them to shut off the water source or alert authorities to a fire with the touch of a button.

State Farm will be offering their insurance customers special promotions on the Iris Safe and Secure kit and the Iris Smart Home kit, in addition to providing qualifying customers with discounts on their home insurance.

"Iris offers simple security monitoring solutions for homeowners that can include fire, carbon monoxide and flood sensors to provide users with immediate notification, direct to their smart phone, in the case of an emergency," said Kevin Meagher, vp/general manager of Lowe's smart home. "Our relationship with State Farm is just another example of how the Iris smart home platform helps make homes safer, more efficient and easier to manage. The Iris platform will continue to evolve as we look to add more devices, products and services to the already growing program."

Iris allows consumers to receive text alerts when alarms are triggered; remote control of connected devices, thermostats and locks; and access to remote video streaming from cameras in the home via smart phone or computer, among many other features homeowners can add to meet their specific needs. Iris installs in approximately one hour and kits start at $179. Basic service is free to consumers, with a premium service offering available for $9.99 a month with no long-term contract, according to the retailer.